In a transparent, competitive tender to manage the health insurance scheme of the Order of Engineers and Architects- Beirut (OEAB) for the period extending from 1-3-2025 till 28-2-2026, Libano-Suisse Insurance, a pioneering insurance company in the Middle East, the Gulf and North Africa regions, and GlobeMed Lebanon
A heated conflict has erupted between the Syndicate of Hospital Owners in Lebanon and the Association of Insurance Companies. The Syndicate of Hospital Owners in Lebanon, led by Sleiman Haroun, has announced that, starting February 2, 2025, hospitals will increase the rates agreed upon with insurance companies by 15%.
Like other sectors and institutions in Lebanon, insurance companies are suffering from the repercussions of the economic crisis, the collapse of the national currency, and the multiple exchange rates between the official one set by the Central Bank of Lebanon and the prevailing effective market rate
Medical care costs are experiencing significant inflation. Major private insurers in the Lebanese market, contacted by This is Beirut, have indicated that their health insurance premiums will increase by about 10% starting July 1st.
The insurance sector has recorded declines of 25 percent in sales of non-life insurance premiums and 43.7 percent in sales of life insurance policies since 2019.
According to figures from the Insurance Control Commission under the Ministry of Economy, gross insurance premiums from the 46 insurance companies operating in Lebanon totaled LBP 2,456.4 billion in 2022
Even if you pay a health insurance company and receive a card that covers you 100% in and out of the hospital in US dollars, you may not be able to undergo a simple medical test without paying for it yourself due to the rampant chaos in this sector.
Around 15 percent of Lebanese no longer have insurance on their cars in 2023, according to the head of the insurance companies’ union in Lebanon.
Lebanon’s inflation more than doubled in January, as rising living costs continued to impact consumers and businesses.
AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Arabia Insurance Company s.a.l. (AIC) (Lebanon). The outlook of these Credit Ratings (ratings) is negative.
According to A.M. Best Co. Inc., political instability in Lebanon has hindered the implementation of insurance reforms in the country, including new governance guidelines and transition to a risk-based solvency framework, Middle East Insurance Review reported.
“More and more cancer patients tell me that specific medications are not being covered by insurance … while it was previously covered,” said Cherine Bazzane, a family medicine specialist who practices in Clemenceau Medical Center.
The Insurance Control Commission published its “Insurance Sector Quarterly Report”, conveying a 12.39% annual hike in the sector’s gross written premiums to $1,332.33 million during the first nine months of 2021, from $1,185.45 million during that same period in 2020.
Between shortages and skyrocketing prices, a trip to the pharmacy in Lebanon exposes huge inequalities, while a trip to a charity clinic for treatment has become the norm for hundreds of thousands of people.
The total gross written premiums of 46 licensed insurance companies in Lebanon reached $928.8m in the first half of 2021, constituting an increase of 12.1% from $828.8m
mergerOn 27 July 2021, the Insurance Control Commission (ICC) approved the merger between the two Lebanese insurance companies LIA Insurance and Assurex Insurance and Reinsurance.